RMB, Chinese concept stocks, Chinese assets collectively explode!

The dovish signal released by the Federal Reserve ignited the market for the second consecutive day, and Chinese assets experienced a collective surge.

Overnight, the onshore renminbi rose more than 1% and broke through 7.10 at one point. At the close, the onshore renminbi against the US dollar in the night session was reported at 7.1099, a sharp increase of 601 points compared to the previous trading day, reaching a new high in six months.

Offshore renminbi approached 7.11 and rose 111 points at the close, also hitting a new high in six months.

FTSE A50 futures continued to rise by 0.74% in the night session, reaching 11,198.000 points.

Chinese concept stocks outperformed the US stock market, with the Nasdaq Golden Dragon China Index rising more than 2% in early trading, continuing to hit a high since December 1st. The closing gain fell to nearly 1.2%, marking the fourth consecutive day of gains.

In terms of individual stocks, Bitcoin mining giant Canaan Technology rose nearly 32%, Gaotu Education rose more than 29%, NIO and TAL Education rose more than 5%, JD.com and JA Solar rose more than 3%, Daqo New Energy rose 3%, Li Auto rose more than 2%, Alibaba and XPeng rose more than 1%, Tencent rose 0.8%, Baidu rose nearly 0.5%, and Pinduoduo remained flat.

On Wednesday local time, as expected by the market, the Federal Reserve held three consecutive meetings without raising interest rates, indicating that economic activity has slowed down compared to the strong pace in the third quarter, and inflation has also slowed down in the past year. The Fed will consider the "extent of any" additional tightening needed, which is seen as a softening of the rate hike stance. The dot plot shows that more than half of the officials expect at least three rate cuts next year, and nearly 30% of officials expect at least four rate cuts.

In addition, the overnight release of stronger-than-expected US retail sales in November and the conversion from negative to positive MoM growth, as well as the continued decline in initial jobless claims last week, have strengthened market expectations of a soft landing for the US economy.On behalf of Dolphin Research, I would like to express our gratitude for your continued support and interest in our work. We are thrilled to announce the release of our latest Analysis Report, which provides a comprehensive overview of the current market trends and developments in the industry.

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